Texas restaurant industry expected to post growth in 2014

Community Report

Published
4:15 am CST, Thursday, January 23, 2014

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AUSTIN - The restaurant industry in Texas is expected to post 4.7% sales growth in 2014 to reach $42.5 billion according to the National Restaurant Association’s (NRA) Restaurant Industry 2014 forecast and trends report. Texas restaurants will employ 1.1 million next year and create an additional 170,800 jobs in the next decade.

“With forecast sales second only to California and with Texas as one of the fastest growing markets in America, we have high expectations for a great 2014 in the restaurant industry,” said Richie Jackson, CEO of the Texas Restaurant Association. “ In Texas, not only is ‘Eating Out Fun’…it is big business.”

2014 will mark the fifth consecutive year of restaurant industry sales growth despite a continued challenging economic landscape. Overall, industry sales are projected to exceed $683 billion in 2014, up 3.6 percent from 2013’s sales volume of $659 billion.

2014 will also mark the 15th straight year in which restaurant industry employment growth will outpace overall employment growth. The industry will continue to be the nation’s second largest private employer with 990,000 restaurants employing 13.5 million individuals or 10 percent of the total workforce. The NRA expects restaurants to add 1.3 million new positions in the next decade, pushing industry employment to 14.8 million by 2024.

“As our nation continues its road to recovery, the restaurant industry will remain a key driver of economic growth and a leading jobs creator,” said Dawn Sweeney, president and CEO of the National Restaurant Association. “Restaurants touch every community across the U.S., and 2014 will be a year of growth and innovation as the industry focuses on inspired new ways to meet consumer demand while providing valuable careers to millions of Americans.”

While the restaurant industry is expected to grow in 2014, operators will continue to face a range of challenges. The top challenges cited by restaurateurs vary slightly by industry segment, and include food costs, labor costs, and the economy.

For more information about the NRA’s 2014 Restaurant Industry Forecast, visit Restaurant.org/Forecast.